EMDV vs. SPY

Last updated Jun 24, 2026

EMDV (ProShares MSCI Emerging Markets Dividend Growers ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EMDV is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Dividend Masters Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, EMDV returned 2.45%/yr vs 15.53%/yr for SPY. A 0.55 correlation means they provide meaningful diversification when combined. EMDV charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

EMDV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMDV achieves a -1.87% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, EMDV has underperformed SPY with an annualized return of 2.45%, while SPY has yielded a comparatively higher 15.53% annualized return.

EMDV

• 1D: -1.32%
• 1M: -2.39%
• YTD: -1.87%
• 6M: -2.68%
• 1Y: 4.25%
• 3Y*: 2.28%
• 5Y*: -3.40%
• 10Y*: 2.45%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMDV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	-1.87%	11.90%	0.06%	-1.03%	-18.19%	1.11%	-0.09%	14.93%	-7.52%	26.98%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between EMDV and SPY is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 27, 2016	0.55

The correlation between EMDV and SPY shifts across timeframes, from 0.48 (3 years) to 0.60 (1 year), reflecting how their relationship changes across market environments.

EMDV vs. SPY - Sectors Allocation Comparison

Sectors	EMDV	SPY
Technology	24.7%	39.0%
Financial Services	23.4%	11.1%
Consumer Defensive	15.8%	4.5%
Utilities	8.2%	2.1%
Healthcare	7.7%	8.3%
Consumer Cyclical	6.5%	9.9%
Industrials	5.9%	7.8%
Communication Services	5.7%	10.6%
Basic Materials	2.1%	1.7%
Energy	-	3.1%
Real Estate	-	1.8%

Return for Risk

EMDV vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMDV

EMDV Risk / Return Rank: 15
EMDV Sharpe Ratio Rank: 14
EMDV Sortino Ratio Rank: 13
EMDV Omega Ratio Rank: 13
EMDV Calmar Ratio Rank: 16
EMDV Martin Ratio Rank: 17

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMDV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMDV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.90	-1.53
Sortino ratio: Return per unit of downside risk	0.60	2.58	-1.98
Omega ratio: Gain probability vs. loss probability	1.07	1.34	-0.27
Calmar ratio: Return relative to maximum drawdown	0.59	2.67	-2.08
Martin ratio: Return relative to average drawdown	1.67	11.92	-10.25

EMDV vs. SPY - Sharpe Ratio Comparison

The current EMDV Sharpe Ratio is 0.37, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of EMDV and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMDV vs. SPY - Drawdown Comparison

The maximum EMDV drawdown since its inception was -39.20%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EMDV and SPY.

Drawdown Indicators

	EMDV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-39.20%	-55.19%	+15.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-8.88%	+1.64%
Max Drawdown (3Y) Largest decline over 3 years	-20.71%	-18.76%	-1.95%
Max Drawdown (5Y) Largest decline over 5 years	-34.13%	-24.50%	-9.63%
Max Drawdown (10Y) Largest decline over 10 years	-39.20%	-33.72%	-5.48%
Current Drawdown Current decline from peak	-17.36%	-3.17%	-14.19%
Average Drawdown Average peak-to-trough decline	-13.55%	-9.04%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.98%	+0.56%

Volatility

EMDV vs. SPY - Volatility Comparison

The current volatility for ProShares MSCI Emerging Markets Dividend Growers ETF (EMDV) is 4.26%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that EMDV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMDV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.87%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	9.85%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	12.50%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	17.15%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	17.95%	+0.22%

EMDV vs. SPY - Expense Ratio Comparison

EMDV has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

EMDV vs. SPY - Dividend Comparison

EMDV's dividend yield for the trailing twelve months is around 2.48%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF	2.48%	2.46%	2.79%	1.88%	3.68%	2.12%	3.12%	2.38%	1.27%	2.09%	2.87%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both EMDV and SPY in my portfolio?

EMDV and SPY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDV or SPY?

SPY has higher volatility (4.87%) compared to EMDV (4.26%). In terms of maximum drawdown, EMDV dropped -39.20% vs SPY's -55.19%.

Which ETF is better, EMDV or SPY?

On 10-year performance, SPY leads with 15.53% vs 2.45% for EMDV. On fees, SPY is cheaper at 0.09% per year. On volatility, EMDV has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDV or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for EMDV.

Which ETF pays a higher dividend yield, EMDV or SPY?

EMDV has the higher dividend yield at 2.48%, compared with 1.03% for SPY.

What is the main difference between EMDV and SPY?

EMDV is categorized as Emerging Markets Equities, while SPY is S&P 500. EMDV tracks MSCI Emerging Markets Dividend Masters Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.60% for EMDV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.